CDK Global Junk Bonds Fall to Record Low After Antitrust Deal

CDK Global bonds dropped to the lowest on record in the US high-yield debt market on Wednesday, after the firm inked a $630 million deal to settle an antitrust suit.

• Co.’s 8% notes maturing in 2029 fell 2.75 cents on the dollar to 97 as of 10:41 a.m. New York time, according to Trace — the lowest on an intraday basis since August 2023, which is when the bonds were issued
  • Its 7.25% first-lien notes due 2029 fell 3.08 cents on the dollar to 95.25, becoming one of the biggest decliners in the junk market
• The company reached the settlement ...